ENERGY

El Paso teams up for Mexico project

Houston-based El Paso Corp., owner of natural gas pipelines in the United States, has signed an agreement to help build pipelines in western Mexico to deliver gas to power plants in the region from a proposed import terminal.

Up to 350 miles of pipelines in the state of Sonora would be developed jointly with a subsidiary of DKRW Energy. DKRW is planning the liquefied natural gas terminal, which would allow up to 1.3 billion cubic feet of gas a day to be imported from overseas in refrigerated tankers.

The terminal is one of at least three proposed in Mexico that would also ship gas to the United States, where new gas-fueled power plants have boosted demand for the fuel and driven up prices. DKRW has agreed to distribute at least a third of the gas in Sonora to help win support for the project from local elected officials, including Gov. Eduardo Bours.

COURT

Halliburton case given a trustee

DALLAS - A federal judge in Dallas, who rejected a settlement in a class-action lawsuit between Houston-based Halliburton Co. and disgruntled investors, has appointed a trustee to oversee the interests of plaintiffs, after saying a previous settlement was not reasonable or adequate.

U.S. District Judge Barbara M.G. Lynn made the decision to appoint the trustee, called a "guardian ad litem," Thursday, according to legal documents obtained Friday.

"It appears to the court that the appointment of a guardian ad litem is necessary to represent the preliminary certified class members in this case," Lynn wrote.

Lynn appointed Lawrence Irving, a retired federal judge who now works as a private mediator, as the guardian ad litem. He will serve in this role in mediation to be held in the case.

Earlier in September, Lynn rejected a proposed $6 million settlement in the case on behalf of investors who charged that top executives defrauded investors through questionable accounting practices from 1998 to 2001. The practices led to the company's shares being artificially inflated, they said.

Lynn said half the settlement money would have gone to lawyers for the plaintiffs, while, by her calculations, the remaining $3 million would be divided among some 800,000 investors, each of whom would wind up receiving only a pittance from the settlement.

The judge also criticized the lead counsel, Schiffrin & Barroway, for having a secret meeting with Halliburton and not informing key plaintiffs about key negotiations.

TECHNOLOGY

Chip company cuts projections

AUSTIN - Cirrus Logic, a maker of chips for consumer products, has cut its revenue outlook for the current quarter, citing a general drop in demand for DVD players and burners.

There is an "industrywide inventory correction" going on for DVD players, the company said.